The overall ascent in vitality utilization alongside the expansion sought after for essential vitality sources, fundamentally raw petroleum and flammable gas, is causing consumption of these normally happening and constrained sources quickly. The utilization of these sources hampers nature and causes contamination, which is antagonistically influencing the verdure on the planet. The global warming impact brought about by ozone harming substances transmitted from the utilization of these non-renewable energy sources is likewise a noteworthy worry for the world. In this manner, vitality security and natural insurance are two of the major overall concerns today. Today world is constrained to move towards interchange vitality sources, for example, sunlight based, wind, hydro, and other carbon-nonpartisan advancements. Hydrogen has been perceived and acknowledged as an elective wellspring of vitality. Hydrogen is the third most regular component present on the earth, for the most part as a piece of synthetic mixes. Hydrogen is a cleaner and zero-discharge wellspring of vitality. Its result is unadulterated water. At present, gaseous petrol represents a noteworthy portion of the global hydrogen creation pursued by oil, coal, and electrolyzed water.
However, hydrogen storage is an essential technology for the advancement of hydrogen usage as an alternate energy source. Hydrogen contains the maximum energy per mass among all fuels. However, its low ambient temperature density generates low energy per unit volume. This necessitates the development of storage methods that have potential for high energy density.
Based on type, the hydrogen storage market can be segmented into physical-based storage and material-based storage. Hydrogen can be stored as either a liquid or a gas in physical-based storage. Hydrogen storage in the gaseous form requires high-pressure storage tanks with 350–700 bar tank pressure. Storing hydrogen in the liquid form requires cryogenic temperatures, as the boiling point of hydrogen is −252.8°C at 1 atmospheric pressure. The material-based hydrogen storage is based on metal hydrides, chemical hydrogen storage materials, and sorbent materials. Metal hydrides are denoted as MHx. They are the most technologically relevant hydrogen storage materials, as they can be easily employed in a varied range of applications such as heat pumps, thermal storages, and for neutron moderation. The chemical hydrogen storage materials are generally the compounds with high density of covalent-bond hydrogen in them either in a solid or liquid form. The sorbent materials store hydrogen by adsorption of hydrogen.
Based on application, the hydrogen storage market can be classified into stationary power, portable power, and transportation. The stationary power segment comprises power generation, thermal systems, and energy systems. The portable power segment consists of fuel cells for off-road usage, consumer electronic devices, and auxiliary power generation. The transportation segment includes usage of fuel cells in the transportation sector.
Based on region, the hydrogen storage market can be divided into North America, Latin America, Middle East & Africa, Europe, and Asia Pacific. Asia Pacific is expected to dominate the global hydrogen storage market, expanding at a significant rate during the forecast period. The developing markets in China and India is the key reason for the dominance of Asia Pacific over the global market. The market in North America is expected to follow Asia Pacific, expanding at a moderate pace during the forecast period. Europe, Latin America, and Middle East & Africa are expected to follow North America during the forecast period.
Some of the key players in the global hydrogen storage market are H Bank Technology Inc., Air Liquide, Hexagon Composites ASA, The Linde Group, Cella Energy Limited, Praxair Technology, Inc., VRV S.P.A, Pragma Industries, Eutectix LLC, and McPhy Energy S.A.